Rockwell Collins, Inc. (COL) has reported an 1.75 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $168 million, or $1.27 a share in the quarter, compared with $171 million, or $1.29 a share for the same period last year.
Revenue during the quarter went up marginally by 2.36 percent to $1,342 million from $1,311 million in the previous year period. Total expenses were 19.23 percent of quarterly revenues, up from 19.22 percent for the same period last year.
"The operating performance of our business through the first half of 2017 has been very good," said Rockwell Collins chairman, president, and chief executive officer, Kelly Ortberg. "In the quarter, growth in our Government Systems, Information Management Services, and Air Transport businesses were partially offset by sales headwinds from lower business jet OEM deliveries. Operating margins grew 30 basis points over last year as we continued to realize the benefit of cost saving initiatives across all of our businesses."
For fiscal year 2017, Rockwell Collins Inc. forecasts revenue to be in the range of $6,700 million to $6,800 million. The company projects net income to be in the range of $665 million to $695 million and adjusted net income to be in the range of $875 million to $905 million. It company expects diluted earnings per share to be in the range of $4.50 to $4.70. The company expects diluted earnings per share to be in the range of $5.95 to $6.15 on adjusted basis. Operating cash flow drops significantly
Rockwell Collins, Inc. has generated cash of $1 million from operating activities during the first half, down 97.78 percent or $44 million, when compared with the last year period.
The company has spent $102 million cash to meet investing activities during the first six months as against cash outgo of $110 million in the last year period.
Cash flow from financing activities was $50 million for the first six months, down 54.55 percent or $60 million, when compared with the last year period.
Cash and cash equivalents stood at $281 million as on Mar. 31, 2017, down 6.33 percent or $19 million from $300 million on Mar. 31, 2016.
Working capital increases sharply
Rockwell Collins, Inc. has recorded an increase in the working capital over the last year. It stood at $1,328 million as at Mar. 31, 2017, up 44.82 percent or $411 million from $917 million on Mar. 31, 2016. Current ratio was at 1.59 as on Mar. 31, 2017, up from 1.36 on Mar. 31, 2016.
Days sales outstanding were almost stable at 73 days for the quarter, when compared with the last year period.
Debt comes down
Rockwell Collins, Inc. has recorded a decline in total debt over the last one year. It stood at $2,209 million as on Mar. 31, 2017, down 11.75 percent or $294 million from $2,503 million on Mar. 31, 2016. Total debt was 28.39 percent of total assets as on Mar. 31, 2017, compared with 33.19 percent on Mar. 31, 2016. Debt to equity ratio was at 0.92 as on Mar. 31, 2017, down from 1.26 as on Mar. 31, 2016. Interest coverage ratio improved to 43.36 for the quarter from 62.29 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: firstname.lastname@example.org